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– EQT Private Equity to Acquire Zeus, a Global Leader in Advanced Polymeric Components Used in Life-Saving Medical Procedures
NEW YORK, Dec. 18, 2023 /PRNewswire/ — The EQT X Fund (“EQT”) and Zeus Company, Inc., today jointly announced that they have entered into an agreement for EQT to acquire Zeus Company Inc (“Zeus” or ” the company”) of the Tourville family. Founded in 1966, Zeus is a pioneer in the design, development and extrusion of fluoropolymer tubing for medical devices and select industrial applications. EQT also announced that John Groetelaars, former CEO of Hillrom and industrial advisor to EQT, will serve as CEO of Zeus following the closing of the transaction.
For more than 50 years, Zeus has delivered innovative, mission-critical components that improve the effectiveness and performance of highly complex catheters, used in life-saving, minimally invasive medical procedures, among other applications. The company is headquartered in Orangeburg, South Carolina, and has eight facilities throughout the United States and one in Letterkenny, Ireland. Zeus employs approximately 2,400 people worldwide and serves more than 300 customers in more than 100 countries, including leading medical device manufacturers, contract device manufacturing organizations, academic institutions, and industrial customers in the aerospace, semiconductors and automotive, among other industries.
Zeus components enable minimally invasive interventional procedures, resulting in significantly better health outcomes than traditional open surgeries, including faster patient recovery and reduced pain, at a lower cost. Zeus has experienced substantial growth as a leading innovator of polymer-based solutions. As populations age and chronic diseases become more prevalent, increasing demand for precision, high-performance catheters to support therapeutic areas including structural cardiac, peripheral and neurovascular interventions is expected to continue driving Zeus’ growth.
EQT will support Zeus with investments in additional capacity, R&D and operational excellence, to support rapidly growing medical fields that leverage minimally invasive technologies. These investments will allow the company to continue its legacy and reputation of partnering with its clients’ research and development groups to remain at the forefront of next-generation technologies.
Ethan Waxman, partner in EQT Private Equity’s advisory team, explained: “EQT has closely followed the medical device components industry for several years, and we believe Zeus is uniquely positioned within the end markets it serves due to to his unparalleled expertise in materials and process science. We are excited to partner with the company and invest in its next phase of growth, its employees and the communities it serves, while maintaining Frank Tourville’s values and commitment to excellence. Mr., who shares EQT.”
Steve Peterson, President and CEO of Zeus, added: “We are excited to join the EQT family. Zeus has gained significant momentum in recent years due to a strategic global expansion plan. This acquisition accelerates that momentum and growth by support future expansion, new product innovations, process improvements, technological transformation and enhanced capabilities.”
John Groetelaars commented: “I am delighted to embark on this journey with Zeus and EQT to build on the company’s impressive heritage and portfolio of differentiated, best-in-class products. We are committed to strengthening partnerships with the customers Zeus serves. service and expand capacity through investments, operational upgrades and growth from new product innovations. In the near term, we intend to expand facilities and add personnel to increase production on behalf of our customers, and we are excited to maintain our status as a key employer in the communities where we operate.
“As one of the world’s leading healthcare investors, EQT invests in innovative companies that address some of the most important challenges in healthcare today, ranging from life sciences startups to large-scale global companies,” said Eric Liu, partner and head of the North American private division. Equity and co-head of global healthcare. “This acquisition represents a highly thematic investment for EQT, given our long-standing focus on the medical technology industry and our experience partnering with family-owned businesses. With EQT’s deep experience and extensive network of advisors in the medical technology sector health, we look forward to continuing our track record of creating differentiated value for all stakeholders.
The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions.
Piper Sandler Companies acted as financial advisor to EQT Private Equity and Simpson Thacher
With this transaction, EQT announced, if applicable, and less any expected syndication) based on the size of your target fund.
The information contained herein does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation with respect to EQT The information contained herein is not intended for publication or distribution to persons in the United States of America. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold absent registration under to it or pursuant to an available exemption therefrom. Any offering of securities made in the United States would have to be made by means of an offering document that could be obtained from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or exemption from registration.
About EQT EQT is a purpose-driven global investment organisation, with €232 billion in total assets under management (€128 billion in fee-generating assets under management), within two business segments: private equity and assets real. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them to achieve sustainable growth, operational excellence and market leadership.
More information at: www.eqtgroup.comFollow EQT on LinkedIn, X, YouTube and Instagram
About Zeus Zeus, headquartered in Orangeburg, South Carolina, is the world’s leading manufacturer of polymer extrusion and catheter design. With more than 55 years of experience in medical, aerospace, energy, automotive, fiber optics and other leading industries, Zeus’ mission is to provide solutions, enable innovation and improve lives. The company employs more than 2,400 people worldwide with facilities in Aiken, Columbia, Gaston, Orangeburg and St. Matthews, South Carolina; Branchburg, New Jersey; Chattanooga, Tennessee; San Jose, California; Arden Hills, Minnesota; Guangzhou, China; and Letterkenny, Ireland. For more information, visit www.zeusinc.com.
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